MILAN, Sept. 3, 2024 -- Enfinity Global Inc, a leader in renewable energy, today announced that it has closed € 189.6 million in financing for the construction of 157.1 MW in eight utility-scale solar power plants located in the regions of Lazio and Emilia Romagna (Italy), which are expected to become operational in 2025.

BayernLB, ING, and Rabobank acted as mandated lead arrangers for the project financing through a club deal structure. The funding will provide € 127.4 million of non-recourse senior debt, € 17.1 million of VAT financing, and € 45.1 million in LC facilities for PPAs, PV modules and dismantling.

The energy produced by the portfolio will be commercialized through long-term Power Purchase Agreements (PPA) recently signed with A2A, Nova Aeg and another important Italian industrial customer. Its environmental impact will translate into producing 271 GWh of clean electricity per year, enough to power 100,000 Italian homes and offset 122,000 tons of CO2 emissions.

This financing represents a significant milestone for Enfinity in Italy, underscoring its commitment to the national energy transition. The company is currently the leading IPP in Italy in terms of permitted projects, totaling 805 MW according to Elemens' Q2 Dev&Deals report. In addition, Enfinity is the top solar PPA seller in Italy, with a total of 388 MW signed and under construction with investment-grade utilities and other corporate customers. The company owns 4.8 GW of solar PV and storage projects in the country.

"We are grateful to BayernLB, ING, and Rabobank for their partnership in Italy. We appreciate BayernLB's supporting the financing of 400 MW in Italy to date", said Carlos Domenech, CEO of Enfinity Global. "Together, we are setting a new standard to finance and develop clean energy in Italy, supporting the country's energy transition and EU 2030 decarbonization targets."

"BayernLB's mission is to finance progress and we are pleased to have supported once again Enfinity with their latest Italian projects to support their growth path. It is always a great pleasure to work with the Enfinity team, Astris, their financial advisor and the law firm teams from GOP and DWF. Italian renewables remains a key market for us but we strive to continue supporting Enfinity also in their expansion across Europe and the US", added Karin Schramm, Sector Head Renewable Energies at BayernLB.

"ING is extremely proud and grateful to have been selected by an esteemed developer like Enfinity Global to assist in this important financing in Italy. Our ambitions in renewable energy and geographical footprint closely match that of Enfinity Global". This operation contributes to increase ING's commitment to renewables, aiming to triple the financing of renewable power generation to €7.5 billion annually by 2025. We look forward to continuing the journey with Enfinity Global in renewables in Italy and elsewhere", commented Diederik van den Berg, Managing Director, Global Lead Renewables & Power at ING.

"Rabobank Project Finance congratulates Enfinity on this successful Financial close and is very happy to have supported Enfinity by providing financing alongside Bayern LB and ING for this portfolio of eight solar PV projects located across the Lazio and Emilia Romagna regions. We have enjoyed working together with the Enfinity teams on this transaction and are looking forward to supporting their growth strategy as they continue to build out their portfolio of renewable energy assets," said Marc Schmitz, Head of Project Finance Europe at Rabobank.

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